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Home My WebLink About1994CITY OF CHUBBUCK, IDAHO GENERAL PURPC5'"FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION SEPTEM3F,R 30, 1994 J Io Jones, Yost, Hatt, Erickson & Co. CERTIFIED PUBLIC ACCOUNTANTS POCATELLO. IDAHO F, 9' 6 CITY OF CHUBBUCK, IDAHO GENERAL PURPOSE FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION SEPTEMBER 30, 1994 f I r CITY OF CHUBBUCK ANNUAL FINANCIAL REPORT YEAR ENDED SEPTEMBER 30, 1994 TABLE OF CONTENTS Page Numbers Independent Auditor's Report . . . . . . . . . . . . . . . . . . . . . 3 Report on Compliance . . . . . . . . . . . . . . . . . . . . . . . . . 4 Report on Internal Control Structure . . . . . . . . . . . . . . . . . 5 General Purpose Financial Statements: Combined Balance Sheet - All Fund Types and Account Groups . . . . . 7 Combined Statement of Revenue, Expenditures, and Changes in Fund Balance - All Governmental Fund Types . . . . . . . . . . . . . . 9 Combined Statement of Revenue, Expenses, and Changes in Retained Earnings - All Proprietary Fund Types . . . . . . . . . . . . . . 10 Statement of Cash Flows - All Proprietary Funds Types . . . . . . . 11 Statement of Revenue and Expenditures - Budget and Actual: GeneralFund . . . . . . . . . . . . . . . . . . . . . . . . . . 12 special Revenue Funds . . . . . . . . . . . . . . . . . . . . . . 13 Capital Project Funds . . . . . . . . . . . . . . . . . . . . . . 14 Proprietary Fund Types: Statement of Changes in Fixed Assets . . . . . . . . . . . . . . 15 Notes to Financial Statements . . . . . . . . . . . . . . . . . . . 16 OTHER STATEMENTS AND SCHEDULES Statement of Expenditures - Budget and Actual, General Fund 29 Combining Balance Sheet - Special Revenue Funds . . . . . . . . . . 31 Combining Statement of Revenue and Expenditures and Changes in Fund Balance - Special Revenue Funds . . . . . . . . . . . . . . . . . 33 Combining Balance Sheet - Capital Project Funds . . . . . . . . . . 35 Combining Statement of Revenue and Expenditures - Capital Project Funds . . . . . . . . . . . . . . . . . . . . . . 37 Combining Balance Sheet - Enterprise Funds . . . . . . . . . . . . . 39 Combining Statement of Revenue and Expenses - Enterprise Funds . . . 41 Statistical Section: Ten Year Summary of Tax Levies . . . . . . . . . . . . . . . . . 43 w jkn Jones, Yost, Hatt, J6 Erickson & Co, SCOTT N. JONES, CPA CERTIFIED PUBLIC ACCOUNTANTS KENT L, YOST, CPA, JD P.O. BOX 4987 MORGAN J. HATT, CPA Pocatello, Idaho 83205 STACY L. ERICKSON, CPA Honorable Mayor and City Council Members City of Chubbuck, Idaho Independent Auditor's Report MEMBERS OF American Institute of Certified Public Accountants Idaho Society of Certified Public Accountants We have audited the accompanying general purpose financial statements of the City of Chubbuck, Idaho, as of September 30, 1994, and for the year then ended. These general purpose financial statements are the responsibility of City management. Our responsibility is to express an opinion on these general purpose financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and conduct the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the general purpose financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion the general purpose financial statements referred to in the first paragraph present fairly, in all material respects, the financial position of the City of Chubbuck, Idaho, as of September 30, 1994, and the results of its operations and changes in cash of its proprietary fund types for the year then ended, in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the general purpose financial statements taken as a whole. The combining, individual fund financial statements and schedules listed in the table of contents are presented for purposes of additional analysis and are not a required part of the general purpose financial statements of the City of Chubbuck. This information has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in our opinion, is fairly stated in all material respects in relation to the general purpose financial statements taken as a whole. ONE •. a• P Pocatello, Idaho, February 7, 1995. 416 SOUTH 4TH AVENUE • P.O. BOX 4987 • POCATELLO, IDAHO 83205 • PHONE 2081233-5000 9 FAX 2081233-5010 Jko hones, Yost, Hatt, k J6 Erickson & Co. SCOTT N. JONES, CPA CERTIFIED PUBLIC ACCOUNTANTS KENT L. YOST, CPA, J❑ P.O. BOX 4987 MORGAN J. HATT, CPA Pocatello, Idaho 83205 STACY L. ERICKSON, CPA Honorable Mayor and City Council Members City of Chubbuck, Idaho Independent Auditor's Report MEMBERS OF American Institute of Certified Public Accountants Idaho Society of Certified Public Accountants Compliance Report Based on an Audit of General Purpose Financial Statements Performed in Accordance With Government Auditing Standards We have audited the general purpose financial statements of the City of Chubbuck, Idaho, as of and for the year ended September 30, 1994, and have issued our report thereon dated February 7, 1995. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and conduct the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. Compliance with laws, regulations, contracts, and grants applicable to the City of Chubbuck, Idaho, is the responsibility of City management. As part of obtaining reasonable assurance about whether the general purpose financial statements are free of material misstatement, we conducted tests of the City's compliance with certain provisions of laws, regulations, and contracts. However, our objective was not to provide an overall compliance with such provisions. Accordingly, we do not express such an opinion. The results of our tests indicate that, with respect to the items tested, the city of Chubbuck, Idaho, complied, in all material respects, with the provisions referred to in the preceding paragraph. With respect to items not tested, nothing came to our attention that caused us to believe that the City had not complied, in all material respects, with those provisions. This report is intended for the information of the City of Chubbuck, and its Federal audit cognizant agency. This restriction is not intended to limit the distribution of this report, which is a matter of public record. ONES , HATT,' ERICKSON Pocatello, Idaho, February 7, 1995. 416 SOUTH 4TH AVENUE • P.O. BOX 4987 • POCATELLO, IDAHO 83205 • PHONE 2081233-5000 • FAX 2081233-5010 jkn ,ones, Yost, Hatt, YC Erickson & Co. SCOTT N. JONES, CPA CERTIFIED PUBLIC ACCOUNTANTS KENT L. YOST, CPA, JD P.O. BOX 4987 MORGAN J. HATT, CPA Pocatello, Idaho 83205 STACY L. ERICKSON, CPA Honorable Mayor and City Council Members City of Chubbuck, Idaho MEMBERS OF- American FAmerican Institute of Certified Public Accountants Idaho Society of Certified Public Accountants Report on Internal Control Structure Based on an Audit of General Purpose Financial Statements Performed in Accordance With Government Auditing Standards We have audited the general purpose financial statements of the City of Chubbuck, Idaho, as of and for the year ended September 30, 1994, and have issued our report thereon dated February 7, 1995. We conducted our audit in accordance with generally accepted auditing standards; Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. In planning and performing our audit of the general purpose financial statements of the City of Chubbuck, Idaho, for the year ended September 30, 1994, we considered its internal control structure in order to determine our auditing procedures for the purpose of expressing our opinion on the general purpose financial statements and not to provide assurance on the internal control structure. Management of the City of Chubbuck, Idaho, is responsible for establishing and maintaining an internal control structure. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of internal control structure policies and procedures. The objectives of an internal control structure are to provide management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition and that transactions are executed in accordance with management's authorization and recorded properly to permit the preparation of general purpose financial statements in accordance with generally accepted accounting principles. Because of inherent limitations in any internal control structure, errors or irregularities may nevertheless occur and not be detected. Also, projection of any evaluation of the structure to future periods is subject to the risk that procedures may become inadequate because of changes in conditions or that the effectiveness of the design and operation of policies and procedures may deteriorate. 416 SOUTH 4TH AVENUE • P.O. BOX 4987 • POCATELLO, IDAHO 83205 • PHONE 2081233-5000 • FAX 208/233-5010 Honorable Mayor and City Council Members Page 2 For the purpose of this report, we have classified the significant internal control structure policies and procedures in the following categories: Internal Account Cash Payroll Grants Budgets Controls Revenues Expenditures Fixed Assets Purchasing For all of the internal control structure categories listed above, we obtained an understanding of the design of relevant policies and procedures and whether they have been placed in operation, and we assessed control risk. our consideration of the internal control structure would not necessarily disclose all matters in the internal control structure that might be material weaknesses under standards established by the American Institute of Certified Public Accountants. A material weakness is a condition in which the design or operation of one or more of the internal control structure elements does not reduce to a relatively low level the risk that errors and irregularities in amounts that would be material in relation to the general purpose financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control structure and its operations that we consider to be material weaknesses as defined above. This report is intended for information of the City of Chubbuck and Federal agencies. However, this report is a matter of public record and its distribution is not limited. JONE , OST, TT'," ERICKSON & CO. Pocatello, Idaho, February 7, 1995. CITY OF CHUBBUCK COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS SEPTEMBER 30, 1994 ASSETS: Cash . . . . . . . . . . . . . . . . . Receivables: Property taxes (Note 1-H) . . . . . State sales tax . . . . . . . . . . Highway users' tax . . . . . . . . Inventory phase-out tax . . . . . . Accounts (Note 1-B) . . . . . . . . Court . . . . . . . . . . . . . . . State liquor tax. . . . . . . . . . Note receivable . . . . . . . . . . Amount to be provided for lease purchases . . . . . . . . . . . . . Amount to be provided for general obligation bonds . . . . . . . . . Restricted Cash: Replacement funds . . . . . . . . . Bond reserve . . . . . . . . . . . Water meter deposits . . . . . . . Fixed assets -net (Note 1-C). . . . . . Total assets . . . . . . . . . . . LIABILITIES: Accounts payable . . . . . . . . . . . Deposits payable . . . . . . . . . . . Deferred property taxes. . . . . . . . Capital leases payable . . . . . . . . General obligation bonds payable . . . Payable from Restricted Cash: Bonds payable - current . . . . . . Accrued bond interest payable . . . Bonds payable - long term. . . . . . . Total liabilities . . . . . . . . . FUND EQUITY: Investment in general fixed assets . Retained earnings . . . . . . . . . . Contributed capital - net . . . . . . Reserve for debt service . . . . . . . Reserve for replacement funds . . . . Fund balance - undesignated Total fund equity . . . . . . . . . Total liabilities and fund equity . Governmental Fund Special General Revenue Fund Funds $ 251,270 $ 61,392 48,326 61,513 72,947 21,450 4,785 7,142 9,254 s Capital Project I JC5, UJO 4lO,OtS! � 03,J7L ,� 11o,LJo - ----- - --- - --- ---- ---- --- ---- -- - - $ 13,009 39,298 S2,-iV ! U 4) U 424,380 61,392 118,036 424,380 61,392 118,036 $ 476,687 $ 61,392 $ 118,036 --------------------------------- --------------------------------- The accompanying notes are an integral part of these statements. -7- Proprietary Fund Types Internal Enterprise service Funds Fund $ 491,726 $ 10,086 210,547 Account Groups General General Fixed Long -Term Assets Debt $ 170,928 Totals (Memorandum Only) $ 932,510 48,326 61,513 72,947 21,450 210,547 4,785 7,142 9,254 170,928 410,000 410,000 582,209 582,209 293,595 293,595 65,750 65,750 1,765,565 62,897 $ 2,795,735 4,624,197 $ 3,409,392 $ 72,983 $ 2,795,735 $ 580,928 $ 7,515,153 $ 25,475 65,750 $ 170,928 410,000 40,000 22,500 750,000 903,725 $ 0 $ 0 580,928 $ 38,484 65,750 39,298 170,928 410,000 40,000 22,500 750,000 1,536,960 2,795,735 2,795,735 1,068,696 72,983 1,141,679 561,167 561,167 293,595 293,595 582,209 582,209 603,808 2,505,667 72,983 2,795,735 0 5,978,193 $ 3,409,392 $ 72,983 $ 2,795,735 $ 580,928 $ 7,515,153 -8- CITY OF CHUBBUCK COMBINED STATEMENT OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE ALL GOVERNMENTAL FUND TYPES REVENUE: Taxes (Page 12) . . . . Licenses and permits . . Court revenue. . . . . . Interest . . . . . . . . Donations . . . . . . . Miscellaneous . . . . . Fire protection service. Program income . Total revenue . EXPENDITURES: General government . Law enforcement. . . . . Fire control . . . . . . Parks and recreation . Highways and streets . Health and welfare . Capital outlay . Debt service . . . . . . Total expenditures . YEAR ENDED SEPTEMBER 30, 1994 Governmental Fund Types 217,348 Special Capital Totals General Revenue Project (Memorandum Fund Funds Funds Only) $ 1,632,739 17,252 211,290 $ 1,632,739 82,843 6,073 17,252 2,068,946 82,843 54,702 234,000 54,702 12,324 $ 1,475 $ 4,404 18,203 -274,000 8,695 7,935 16,630 15,612 11,752 EXCESS (SOURCES/USES) 27,364 60,413 -238,913 -70,508 60,413 80,544 45,543 356,949 80,544 1,939,177 21,922 12,339 1,973,438 217,348 6,073 223,421 786,163 786,163 238,683 238,683 147,294 147,294 391,382 391,382 14,848 14,848 194,038 17,252 211,290 55,865 55,865 2,045,621 6,073 17,252 2,068,946 EXCESS REVENUE OR (EXPENDITURES) -106,444 15,849 -4,913 -95,508 OTHER FINANCING SOURCES (USES): Sale of equipment . . . 25,000 25,000 Transfers from other funds 234,000 40,000 274,000 Transfers to other funds -274,000 -274,000 EXCESS (SOURCES/USES) 152,556 15,849 -238,913 -70,508 FUND BALANCE - BEGINNING 271,824 45,543 356,949 674,316 FUND BALANCE - ENDING . . . $ 424,380 $ 61,392 $ 118,036 $ 603,808 The accompanying notes are an integral part of these statements. -9- CITY OF CHUBBUCK COMBINED STATEMENT OF REVENUE, EXPENSES, AND CHANGES IN RETAINED EARNINGS ALL PROPRIETARY FUND TYPES YEAR ENDED SEPTEMBER 30, 1994 Water, Sewer and Garbage Internal Enterprise Service OPERATING REVENUE: Fund Fund Totals Service Charges . . . . . . . . . . $ 1,668,923 $ 1,668,923 Interfund revenue . . . . . . . . . $ 62,075 62,075 Total operating revenue . . . . . 1,668,923 62,075 1,730,998 OPERATING EXPENSES: Personnel . . . . . . . . . . . . . 381,628 39,376 421,004 Personnel benefits . . . . . . . . . 139,877 139,877 Supplies . . . . . . . . . . . . . . 61,347 18,142 79,489 Purchased services . . . . . . . . . 740,900 4,557 745,457 Interfund expenses . . . . . . . . . 7,566 7,566 Depreciation . . . . . . . . . . . . 112,972 3,875 116,847 Total operating expenses . . . . 1,444,290 65,950 1,510,240 OPERATING INCOME . . . . . . . . . . . 224,633 -3,875 220,758 NONOPERATING REVENUE (EXPENSES): Interest income . . . . . . . . . . Interest expense . . . . . . . . . . Total nonoperating revenue (expenses) . . . . . . . . . . NET INCOME . . . . . . . . . . . . . . OTHER FINANCING SOURCES (USES): Sale of equipment . . . . . . . . . 41,699 -48,255 -6,556 218,077 17,766 -3,875 41,699 -48,255 -6,556 214,202 17,766 RETAINED EARNINGS, RESERVES: Balance - Beginning . . . . . . . . 1,708,656 76,858 1,785,514 RETAINED EARNINGS, RESERVES: Balance - Ending . . . . . . . . . . $ 1,944,499 $ 72,983 $ The accompanying notes are an integral part of these statements. -10- 2,017,482 CITY OF CHUBBUCK STATEMENT OF CASH FLOWS ALL PROPRIETARY FUND TYPES YEAR ENDED SEPTEMBER 30, 1994 Water, Sewer and Garbage Internal Enterprise Service CASH FLOWS FROM OPERATING ACTIVITIES: Fund Fund Net income . . . . . . . . . . . . . . . . . . . . . . . $ 218,077 $ -3,875 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation . . . . . . . . . . . . . . . . . . . . . 112,972 3,875 Increase in accounts receivable . . . . . . . . . . . -8,955 Increase in accounts payable . . . . . . . . . . . . 7,780 Increase in deposits payable . . . . . . . . . . . . . 5,210 Decrease in accrued interest . . . . . . . . . . . . -900 Total adjustments . . . . . . . . . . . . . . . . 116,107 3,875 Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . 334,184 0 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of fixed assets . . . . . Sale of equipment . . . . . . . . CASH FLOWS FROM FINANCING ACTIVITIES: Bond principal payments . . . . . NET INCREASE (DECREASE) IN CASH . . . . . . . . . . . . -27,278 . . . . . . . . . . 17,766 . . . . . . . . . . -40,000 . . . . . . . . . . 284,672 I C CASH AT SEPTEMBER 30, 1993 . . . . . . . . . . . . . . . . 1,148,606 10,086 CASH AT SEPTEMBER 30, 1994 . . . . . . . . . . . . . . . . $ 1,433,280 $ ------------ ---------- ------------ ---------- 10,086 The accompanying notes are an integral part of these statements. -11- CITY OF CHUBBUCK STATEMENT OF REVENUE AND EXPENDITURES BUDGET AND ACTUAL GENERAL FUND YEAR ENDED SEPTEMBER 30, 1994 REVENUE: Budget - Property taxes . . . . . . . . . . . $ 902,140 $ Sales tax . . . . . . . . . . . . . . 215,000 Inventory phaseout . . . . . . . . . . 42,380 Highway users tax . . . . . . . . . . 282,000 Liquor tax . . . . . . . . . . . . . . 20,000 Road and bridge tax . . . . . . . . . 35,000 Franchise taxes . . . . . . . . . . . 43,000 Interest on delinquent taxes . . . . . 10,000 _ Subtotal . . . . . . . . . . . . . 1,549,520 Court revenue . . . . . . . . . . . . 78,000 Licenses and permits . . . . . . . . . 38,150 Interest . . . . . . . . . . . . 15,000 Miscellaneous . . . . . . . . . . . . 30,200 Fire Protection Service . . . . . . . 58,000 36,302 80,550 Program income . . . . . . . . . . . . Total revenue . . . . . . . . . . . 1,849,420 Actual Variance 926,235 $ 24,095 221,747 6,747 63,229 20,849 280,163 -1,837 51,805 31,805 36,302 1,302 45,794 2,794 7,464 -2,536 147,294 -17,582 1,632,739 83,21.9 54,702 -23,298 82,843 44,693 12,324 -2,676 15,612 -14,588 60,413 2,413 80,544 -6 1,939,177 89,757 EXPENDITURES: General Government . . . . . . . . . . 201,016 217,348 -16,332 Law enforcement . . . . . . . . . . . 804,437 786,163 18,274 Fire control . . . . . . . . . . . . 251,621 238,683 12,938 Parks and recreation . . . . . . . . . 129,712 147,294 -17,582 Highways and streets . . . . . . . . . 501,000 391,382 109,618 Health and welfare . . . . . . . . . . 15,724 14,848 876 Capital outlay . . . . . . . . . . . . 234,645 194,038 40,607 55,265 55,865 -600 Debt service . . . . . . . . . . . . . Total expenditures . . . . . . . . 2,193,420 2,045,621 147,799 EXCESS REVENUE OR (EXPENDITURES) . . . . -344,000 -106,444 237,556 SALE OF EQUIPMENT . . . . . . . . . . . . 25,000 25,000 TRANSFERS FROM OTHER FUNDS . . . . . . . 304,000 234,000 -70,OD0 EXCESS SOURCES (USES) . . . . . . . . . . $ -40,000 $ 152,556 $ 192,556 The accompanying notes are an integral part of these statements. -12- CITY OF CHUBBUCK STATEMENT OF REVENUE AND EXPENDITURES BUDGET AND ACTUAL SPECIAL REVENUE FUNDS YEAR ENDED SEPTEMBER 30, 1994 REVENUE: Local revenue . . . . . . . . . . . . EXPENDITURES: General government . . . . . . . . . . EXCESS REVENUES . . . . . . . . . . . . . Buffet Actual Variance $ 0 $ 21,922 $ 21,922 $ 7,000 6,073 $ 927 $ 15,849 The accompanying notes are an integral part of these statements. -13- CITY OF CHUBBUCK STATEMENT OF REVENUE AND EXPENDITURES BUDGET AND ACTUAL CAPITAL PROJECT FUNDS YEAR ENDED SEPTEMBER 30, 1994 Budget Actual Variance REVENUE: Local revenue . . . . . . . . . . . . . $ 0 $ 12,339 $ 12,339 EXPENDITURES: Capital outlay . . . . . . . . . . . . 18,000 17,252 131.E�a�`�`i�i:��1►1�1�11ff;�a� TRANSFERS IN . . . . . . . . . . . . . . . . 0IR INk4Rfw31t1 W61611 EXCESS USES . . . . . . . . . . . . . . . -4,913 40,000 40,000 -274,000 -274,000 $ -238,913 The accompanying notes are an integral part of these statements. -14- 748 L+] CITY OF CHUBBUCK STATEMENT OF CHANGES IN FIXED ASSETS PROPRIETARY FUND TYPES YEAR ENDED SEPTEMBER 30, 1994 ENTERPRISE FUND FIXED ASSETS: Balance at cost - September 30, 1993 . Additions . . . . . . . . . . . . . . Deletions . . . . . . . . . . . . . . M Storage and Buildings Distribution and System —Eg2ipment. 3,152,929 $ 604,867 $ 16,414 10,864 0 0 Totals 3,757,796 27,278 0 Balance at cost - September 30, 1994 3,169,343 615,731 3,785,074 Less accumulated depreciation . . . -1,668,249 -351,260 -2,019,509 Balance - net - September 30, 1994 $ 1,501,094 $ ---------------- ------------ 264,471 $ -------------- 1,765,565 INTERNAL SERVICE FUND FIXED ASSETS: Balance at cost - September 30, 1993 $ 103,098 $ 103,098 Additions: Equipment . . . . . . . . . . . . $ 0 0 0 Balance at cost - September 30, 1994 Less accumulated depreciation . . . 103,098 103,098 0 -40,201 -40,201 Balance - net - September 30, 1994 $ 0 $ 62,897 $ 62,897 The accompanying notes are an integral part of these statements. -15- CITY OF CHUBBUCK NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1994 (1) A. REPORTING ENTITY The City of Chubbuck, Idaho was incorporated on December 6, 1949. For financial reporting purposes, management has considered potential component units. The decision to include a potential component unit in the reporting entity is made by applying the criteria set forth in generally accepted accounting principles. The basic criterion for including a potential component unit within the reporting entity is the governing body's responsibility for finanical accountability. Financial accountability is defined as the level of accountability that exists if a primary government appoints a voting majority of an organization's governing board and is either able to impose its will on that organization or there is potential for the organization to provide specific financial benefits to, or impose specific financial burdens on, the primary government. A primary government may also be financially accountable for the governmental organizations that are fiscally dependent on it. Based upon the application of these criteria, the City of Chubbuck has no potential component units. B. FUND ACCOUNTING The accounts of the City are organized on the basis of funds and account groups, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self - balancing accounts that comprise its assets, liabilities, fund equity, revenues, and expenditures, or expenses, as appropriate. Government resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. GOVERNMENTAL FUNDS General Fund - The General Fund is the general operating fund of the City. It is used to account for all financial resources except those required to be accounted for in another fund. PROPRIETARY FUNDS Enterprise Funds - Enterprise Funds are used to account for operations (a) that are financed and operated in a manner similar to private business enterprises - where the intent of the governing body is that the costs (expenses, including depreciation) of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges; or (b) where the governing body has decided that periodic determination of revenues earned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control, accountability, or other purposes. -16- (1) CITY OF CHUBBUCK NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 1994 B. FUND ACCOUNTING - CONTINUED All proprietary funds are accounted for on a cost of services or "capital maintenance" measurement focus. This means that all assets and liabilities (whether current or noncurrent) associated with their activity are included on their balance sheets. Their reported fund equity (net total assets) is segregated into contributed capital and retained earnings components. Proprietary fund type operating statements present increases (revenues) and decreases (expenses) in net total assets. Due to small amounts of losses, the City does not make an allowance for doubtful accounts in the Water and Sewer Enterprise Funds. C. FIXED ASSETS The accounting and reporting treatment applied to the fixed assets associated with a fund are determined by its measurement focus. All governmental funds are accounted for on a spending or "financial flow" measurement focus. This means that only current assets and current liabilities are generally included on their balance sheets. Their reported fund balance (net current assets) is considered a measure of "available spendable resources." Governmental fund operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. Accordingly, they are said to present a summary of sources and uses of "available spendable resources" during a period. Fixed assets used in governmental fund type operations (general fixed assets) are accounted for in the General Fixed Assets Account Group, rather than in governmental funds. No depreciation has been provided on general fixed assets. All fixed assets are valued at historical cost or estimated historical cost if actual historical cost is not available. Donated fixed assets are valued at their estimated fair value on the date donated. Infra- structure is not included in fixed assets. An account group is not a "fund." It is concerned only with the measurement of financial position. It is not involved with measurement of results of operations. D. BASIS OF ACCOUNTING Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements. Basis of accounting relates to the timing of the measurements made, regardless of the measurement focus applied. All governmental funds are accounted for using the modified accural basis of accounting. Their revenues are recognized when they are measureable and available. -17- CITY OF CHUBBUCK NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 1994 (1) D. BASIS OF ACCOUNTING - CONTINUED Expenditures are generally recognized under the modified accrual basis of accounting when the related fund liability is incurred. All proprietary funds are accounted for using the accrual basis of accounting. Their revenues are recognized when they are earned, and their expenses are recognized when they are incurred. E. BUDGETS AND BUDGETARY ACCOUNTING The City follows budgeting procedures as outlined in the Idaho State Code. Budgets are prepared on the modified accrual basis. F. INVENTORY Inventory is expensed when purchased. No provision is made in the financial statements for inventory an hand at year end since said amounts are immaterial. G. TOTAL COLUMNS ON COMBINED STATEMENTS Total columns on the Combined Statements are captioned Memorandum Only to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position, results of operations, or changes in financial position in conformity with generally accepted accounting principles. Neither is such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. H. PROPERTY TAXES Property taxes are levied on the third Monday in September and attach as an enforceable lien on property as of January 1. Real taxes are payable in two installments on December 20, and June 20, of the following year. Personal taxes are payable in one installment on December 20. The County bills and collects property taxes for the City. Taxes not received within sixty days following year end are deferred. Due to the very high ratio of property taxes collected to taxes levied, the City does not make an allowance for uncollectible property taxes. -18- CITY OF CHUBBUCY NOTES TO FINANCIAL S'T'ATEMENTS - CONTINUED SEPTEMBER 30, 1994 (2) CHANGES IN GENERAL FIXED ASSETS Description: Land and Buildings . Construction in progress . . . . . Machinery and equipment . . . . . Improvements other than buildings Totals . . . . . . Balance Balance at 09-30-93 Additions Deletions 09-30-94 $ 534,051 $ 534,051 525,135 $ 17,252 542,387 1,121,367 368,822 $ 62,000 1,428,189 291,108 291,108 $2,471,661 $ 386,074 $ 62,000 $2,795,735 Note: Enterprise fund properties are reported separately and are not included in the above balance at September 30, 1994. (3) GENERAL LONG-TERM DEBT (FIRE STATION BONDS) issue of August 1, 1990: Due Annual Date Principal Rate Interest Total 08/01/95 $ 25,000 7.7500 $ 28,202.50 $ 53,202.50 08/01/96 30,000 6.400% 26,265.00 56,265.00 08/01/97 30,000 6.500% 24,345.00 54,345.00 08/01/98 30,000 6.600% 22,395.00 52,395.00 08/01/99 35,000 6.700% 20,415.00 55,415.00 08/01/00 35,000 6.8000 18,070.00 53,070.00 08/01/01 40,000 6.900% 15,690.00 55,690.00 08/01/02 40,000 6.950% 12,930.00 52,930.00 08/01/03 45,000 7.000% 10,150.00 55,150.00 08/01/04 50,000 7.000% 7,000.00 57,000.00 08/01/05 50,000 7.000% 3,500.00 53,500.00 $ 410,000 $188,962.50 $598,962.50 Bonds retired in 1994 . . . . . . . . . . . . . . . $ 25,000.00 4) NOTE RECEIVABLE ($9,254.00 Balance): On March 9, 1989, the City of Chubbuck sold property for $90,000.00. The City received $75,000.00 down and the balance will be paid over 10 years with annual payments of $2441.25 including interest at 10%. -19- CITY OF CHUBBUCK NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 1994 (5) RETIREMENT PLAN Substantially all full-time employees and certain part-time employees of the City of Chubbuck are members in the Public Employee Retirement System of Idaho (the System), a cost-sharing, multiple -employer plan established by the Legislature of the State of Idaho. The City of Chubbuck's total payroll for all employees for 1994 was $1,212,874 of which $1,099,063 was covered payroll for employee members in the System. The System is a defined benefit plan requiring both member and employer contributions. After five years of credited service, members become fully vested in retirement benefits earned to date. Members are eligible for retirement benefits upon attainment of the ages specified for their employment classification. For each year of credited service, the annual service retirement allowance is 1.833% or 2.150% (depending upon employee classification) of the average monthly salary for the highest consecutive 48 months. Effective October 1, 1994, the annual service retirement allowance rates will change to 1.917% or 2.225% (depending upon employee classification) of the average monthly salary for the highest consecutive 42 months. The eligibility and amount of allowance differs for early retirement, service retirement, vested retirement, and disability retirement. The System's funding policy provides for periodic employer contributions at actuarially determined rates, expressed as percentages of annual covered payroll, to accumulate sufficient assets to pay benefits when due. The employer and employee contribution rates as a percentage of salary are as follows: Contribution Rates Contribution Rates at Effective June 30, 1994 October 1, 1994 Employee Group Employer Employee Employer Employee General 10.63% 6.38% 11.61% 6.97% Police 10.87% 7.82% 11.85% 8.53% Fire (hired after October 1, 1980) 27.25% 7.82% 27.25% 8.53% Fire (hired before October 1, 1980) 35.90% 11.45% 35.90% 11.45% Certain employees of Higher Education 3.03% 3.03% Total contributions to the System for 1994 amounted to $117,996 by the City and $77,323 by members. The pension benefit obligation is a standardized disclosure measure of the present value of pension benefits, adjusted for the effects of projected salary increases and any step -rate benefits, estimated to be payable in the future as a result of employee service to date. The measure is the actuarial present value of credited projected benefits and is intended to help users assess the System's funding status on a going -concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among public employee retirement systems. The System's pension benefit obligation -20- CITY OF CHUBBUCK NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 1994 (5) RETIREMENT PLAN - CONTINUED was determined as part of an actuarial valuation at June 30, 1994. As of that date, the System's unfunded pension benefit obligation was as follows (in millions): Total pension benefit obligation $3,455.7 Net assets available for benefits, at cost 2,500.8 Unfunded pension benefit obligation $ 954.9 Ten year historical trend data is presented as additional information in the financial statements of the System for the year ended June 30, 1994. This additional data provides information about progress made by the system in accumulating sufficient assets to pay benefits when due. -21- CITY OF CHUBBUCK NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 1994 Expenses by Type _ Administrative/ Fiscal Investment Year Benefits Expenses Refunds Total 1985 $ 56,287,627 Revenues by Source $ 11,286,642 Fiscal Employee Employer Investment 12,276,820 Year Contributions Contributions Income Total 1985 $ 41,084,589 $ 71,230,336 $ 61,799,780 $ 174,114,705 1986 43,021,584 75,046,384 140,957,599 259,025,567 1987 44,427,170 77,280,764 160,191,693 281,899,627 1988 47,701,441 86,437,686 81,039,524 215,178,651 1989 50,951,811 88,859,430 104,504,241 244,315,482 1990 55,330,814 96,744,650 116,667,508 268,742,972 1991 59,618,756 105,663,837 103,799,893 269,082,486 1992 65,423,742 114,439,170 149,462,437 329,325,349 1993 73,744,397 124,814,031 213,460,921 412,019,349 1994 84,680,811 146,159,926 314,538,322 545,379,059 Expenses by Type _ Administrative/ Fiscal Investment Year Benefits Expenses Refunds Total 1985 $ 56,287,627 $ 3,278,760 $ 11,286,642 $ 70,853,029 1986 61,712,854 4,384,580 12,276,820 78,374,254 1987 67,187,276 4,970,620 13,269,570 85,427,466 1988 72,586,670 6,532,073 11,006,658 90,125,401 1989 78,280,585 6,831,581 12,782,267 97,894,433 1990 84,649,572 7,709,603 12,871,091 105,230,266 1991 94,087,813 9,505,615 17,257,185 120,850,613 1992 104,124,166 10,451,480 11,836,425 126,412,071 1993 114,637,439 12,755,245 11,754,656 139,147,340 1994 127,129,834 13,712,865 12,385,409 153,228,108 Contributions were made in accordance with actuarially -determined contribution requirements. -22- A w z H 0 c� I E( z w H m H U z z H G4 O H UJ W H O z cr m m 0 r-� a W CQ w 04 W rn W W P4 0 a a 0 z H A z G4 W O H rn a z d -23— r, 4-1 C D D r1 0 -r1 -1 m r bt (d >( nW (1) m I CJ) r4 Q) -r4 4J (d ri N dT O N O N 'U 4-( M C -11 a4 r -A C wC --I C O 4J m .q Q) m lA m N 00 ri ill l0 C 4-I -r4 }4 >( rd c "o O U -b kD W �D LD �D r- r- r 4H m O 4J Q -4 1-1 O 4J 0 14 � N 'O O E m H r1 r1 C -r1 N Q) m ? 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ID +--I r-4 ri -4 r-1 ri Ql m m $4 4-4 04 04 of OS m W 4-5 Pa S l G (d - m >1 O E r1 •.4 •.4 c Q) Ql f-4 -r1 (d in O r-♦ r4 H O (d > p 4J UJ 04 (1) - m .O A d] U O O D m U C C w m •o m m co rd O N z Q) -P �.., 4J41 4-J -r1 a w p C w r1 -r4 •14 •4 M C 44 QL 0 Q) N (d Q) 4H W 41 rl 'O r-♦ d' to N r1 O m Ln 00 C 4J O > U -rl 4-I Q) w Q) rd m r -I Q) 14 O 1-1 " $4 (d C C C C )4 O r- 00 H -1 m M o �, 04 C (Du Q) O (d -4 Q) Q) N £'+ 0 C4 M Ln H to m m m m C; o J; P-1 O :5 r- 00 m m O r-1 r1 (N - 4 -r4 4-1 r-1 m4-) E +ri O rd in m 41 Q) rd 0 -11 U : O rd 'O U P, cr>'• r -I +-•i r -i ri U c U - A 0) 3 m >4 4-1 -P C 4OJ C 44 $4 --4 C rd H C (d U • U 0) U CT Q) Q4 Z m (d rd -r4 0) C Q) -•-I Q) --I C C X C Q) C C C n Cl -n m -r, m .O 0 rn ri "o m w t0 m m Q) W -r4 4J rO O ro m Q) O -,4 0 (J O 0) 0 C 4-( .Q N C -•i () Q) i4 m 7-4 'O S4 "O '0 0 -r1 4J r -I 00 r- Lr) r r N �r Ql U rd 41 m b) P4 Q) P4 P4 C -r4 44 rd Ln w rr m O O m Ln S4 • 1; •ri m •O C a 4-1 4-) C m m Is Ln Ln Ln Ln r- m 00 m m O ra -4 Q) -4 44 C Z4-4 (O O -01 rd (d O � 4J Jr C 0 Q) r4 -F1 m -.4 • 4 .-4 U C 4J -14 4J 0 -lJ Q) P P+ m 0 "O Q) 41 Q 'a 4a C C ° `h 4) b E a) ° � ro m G 0 m A R rCd ro rd ri >- A --I V -C m 0) m m N r♦ m 0 4J r4 .-1 C d m Q rd to rd m -r1 --4 S4 A4-4 0 Q) r" Q) Q) W ^ rd rO dP rd E 04 s4 O Q) -,4 4J m t4 m M $4 l4 14 to m m m r•1 r- d* d> m C 4-) U m U - U cd U rd -1 rd Q) C > 4J Q) 4d Q) H C �4 C O C Q) 0 C tp 00 O H O m O N SQ O O --1 .Q -4 4-4 •H (d -H >( •r4 >4 U ',1 0 tD r- r- r- t0 I- r- m r4 44 44 44 S4 Q) l4W 4J C 4J 0 (l C C a) Cd -C >-1 4 �4 .0 54 Q) rn (d rd 01 r; O -r1 a Q) U o D o 0 N m U is m O -r4 O m >1 -,4 14 -r1 -4 -,4 --1 m -r4 4J .Q m w RO -11 J-", O J~ )-4 .0 54 (d C ri C z O r 1 3 -r-1 3 P4 3 104 O -a Q) C (1) C C rd $4 p 4-) --4 O U O P4 m Q) O u m Q4 m w m 0r� b (! 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I O -A -A Q) (d m m 41 O to rd m m m C m N to N to m N O O 4 4 C m m�% a E c m C C 1; G r1 N o N m m to w r-•1 m V O 4,) 4 'O W -n m >+ O ! 4 (d rd O(d O -•.4 M - _ _ C }4 rO 4J 4-) 4 O .-1 G -4 -r4 r•4 -4 4J (d ri ri H H -1 ri N N Q) 4J W (u :14 (d Q) •r1 .p 44 P4 O 04 r -I ¢1 r1 w > :4 -r1 O • 34 X m r-♦ Q) C •.4 r-1 11 Z F4 O 41 44 m H W >r m -r1 E •rr m ,--r m -r4 m -14 44 Ul- Q) al •,4 1-4 cd ,Q 4-) r-1 4J E }J E 44 C iT m Q) (d O< Q) U -A U u O Q) cd rd v 4 14 C > (U E Q) tD 0) W 4-J A S4 c rd C (d -A •11 -4 r-1 • ri m C 0 0 E Q) " ro 4J " Ln W tD 4-4 [n -- V -4 C () C -'4 -.4 --4 -11 E C (d Q) W Q) r Q) Ln U) O CJ s4 (d 4J X U 0 C s4 a (� tt yr aV3- W i4 r- M m O ri N M d' >•( •ri $4 Q) Q) (d O -r4 U 4-4 (d U 0 00 c0 00 m m m m m r4 m Q) U �4 4-4 04 m m m m m m m m m m (d C 04 C 44 R1 4-4 N V E -r4 ">1 ri •--I •--1 ri -1 r-1 r-1 rl r- m D )-4 C 04 �; .0 C O r-4 N rn 0-4 4t 04 (d U 0 -r1 rd m E4 rd U ^-- --- -23— CITY OF CHUBBUCK NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 1994 (6) SUMMARY OF PROPERTY TAX ROLL OPERATION BY YEAR -24- 1991 Taxes receivable - and Prior 1992 1993 Totals September 30, 1993 . . . . . . $ 20,168 $ 18,738 $ 38,906 1993 Gross Levy . . . . . . . . . $ 954,405 954,405 Less: Cancellations and adjustments 39 -48 -9,471 -9,480 Cash received in 1993 - 1994 -12,925 -7,591 -914,989 -935,505 Taxes receivable - September 30, 1994 . . . . . . $ 7,282 $ ---------------------- 11,099 $ 29,945 ----------- $ 48,326 ------------ -24- CITY OF CHUBBUCK NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 1994 (7) CASH ON HAND, IN BANKS, AND INVESTED All cash and investments are insured or fully collateralized with certificates held by agents in the City's name. CASH BALANCE IN FUNDS: General . . . . . . . . . . . . . . . . $ 251,270 Special revenue . . . . . . 61,392 Capital projects . . . . . . . . . . . . 118,036 Enterprise . . . . . . . . . . . . . . . 1,433,280 Internal service . . . . . . . . . . . 10,086 $ 1,874,064 CASH AND INVESTMENTS: Petty cash . . . . . . . . . . . . . . . $ 195 Checking accounts: General - First Security . . . . . . 251,075 Water Works - Key Bank . . . . . . . 399,094 650,169 Investments: Key Bank - Savings . . . . . . . . . 57,232 Key Bank - Savings. . . . . . . . . . 99,198 State pool . . . . . . . . . . . . . 658,298 First Security Bank - CD . . . . . . 84,438 Idaho Central Credit Union 67,437 Key Bank - CD . . . . . . . . . . . . 23,820 Key Bank - Savings . . . . . . . . . 88,091 Key Bank - Savings. . . . . . . . . . 32,498 Key Bank - Savings . . . . . . . . . 112,688 1,223,700 Total cash and investments $ 1,874,064 -25- CITY OF CHUBBUCK NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 1994 (8) CAPITAL LEASE (446B BACKHOE): Original Balance . 10-15-94 . . . . . . . . . 10-15-95 . . . . . . . . . 10-15-96 . . . . . . . . . 10-15-97 . . . . . . . . . 10-15-98 . . . . . . . . . CAPITAL LEASE (FIRE TRUCKS): Original Balance (9/21/93) 2-21-95 . . . . . . . . . 2-21-96 . . . . . . . . . 2-21-97 . . . . . . . . . 2-21-98 . . . . . . . . . 2-21-99 . . . . . . . . . 2-21-2000 . . . . . . . . Interest Payment 5.75% $ 8,727.37 $ 2,128.36 8,727.37 1,748.92 8,727.37 1,347.66 8,727.37 923.33 8,727.37 474.58 Interest Payment 6.5% $ 25,000.00 $ 8,250.44 25,000.00 7,139.35 25,000.00 5,954.56 25,000.00 4,691.18 26,000.00 3,343.99 29,595.46 1,841.09 Balance $ 37,015.00 30,415.99 23,437.54 16,057.83 8,253.79 .00 Balance $ 220,030.00 107,625.29 89,764.64 70,719.20 50,410.38 27,754.37 .00 A final payment of $24,241.81 (including interest of $645) is due on April 24, 1995 for the lease purchase of three police vehicles. Original cost was $47,193.94 on April 24, 1994. -26- CITY OF CHUBBUCK NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 1994 (9) SUMMARY OF MATURITIES AND INTEREST ON SEWER REVENUE BONDS BY YEAR -27- Total Due 42,500.00 68,800.00 67,300.00 65,800.00 69,300.00 67,500.00 65,700.00 68,900.00 66,800.00 69,700.00 67,300.00 64,900.00 67,500.00 64,800.00 67,100.00 69,100.00 65,800.00 67,500.00 68.900.00 $1,255,200.0+0 Interest Interest Principal Due Due Due Year April 1 October 1 October 1 1994 $ 22,500.00 $ 20,000.00 1995 $ 21,900.00 21,900.00 25,000.00 1996 21,150.00 21,150.00 25,000.00 1997 20,400.00 20,400.00 25,000.00 1998 19,650.00 19,650.00 30,000.00 1999 18,750.00 18,750.00 30,000.00 2000 17,850.00 17,850.00 30,000.00 2001 16,950.00 16,950.00 35,000.00 2002 15,900.00 15,900.00 35,000.00 2003 14,850.00 14,850.00 40,000.00 2004 13,650.00 13,650.00 40,000.00 2005 12,450.00 12,450.00 40,00D.00 2006 11,250.00 11,250.00 45,000.00 2007 9,900.00 9,900.00 45,000.00 2008 8,550.00 8,550.00 50,000.00 2009 7,050.00 7,050.00 55,000.00 2010 5,400.00 5,400.00 55,000.00 2011 3,750.00 3,750.00 60,000.00 2012 1,950.00 1,950.00 65,000.00 Totals $241,350.00 $263,850.00 $750,000.00 Bonds retired in 1994 . . . . . . . . . . . $ 20,000.00 -27- Total Due 42,500.00 68,800.00 67,300.00 65,800.00 69,300.00 67,500.00 65,700.00 68,900.00 66,800.00 69,700.00 67,300.00 64,900.00 67,500.00 64,800.00 67,100.00 69,100.00 65,800.00 67,500.00 68.900.00 $1,255,200.0+0 CITY OF CHUBBUCK NOTES TO FINANCIAL STATEMENTS - CONTINUED SEPTEMBER 30, 1994 (10) SUMMARY OF MATURITIES AND INTEREST ON WATER REVENUE BONDS BY YEAR (11) DEFERRED COMPENSATION Total Due $ 22,400.00 21,200.00 $ 43,600.00 The City is custodian of an employee deferred compensation plan administered by PEBSCO. The plan was created in accordance with Internal Revenue Code Section 457. The plan, available to all employees, allows deferral of salary to future years. Participation in the plan is optional. The deferred compensation is not available to employees until termination, retirement, death or unforseeable emergency. All plan assets are (until paid or made available to the employees or other beneficiary) solely the property and rights of the City subject to the claims of the City's general creditors. Participants' rights under the plan are equal to the fair market value of the deferred account of each participant. The City has no liability for losses under the plan but does have the duty of due care that would be required of an ordinary prudent investor. The City believes that it is unlikely that it will use the assets of the plan to satisfy the claims of general creditors in the future. Investments are managed by the plan's trustee under several investment options made by the participant. At September 30, 1994, $15,996 was deposited with the plan. -28- Interest Interest Principal Due Due Due Year [lumbers March 1 September 1 September 1 1995 43-46 $ 1,200.00 $ 1,200.00 $ 20,000.00 1996 47-50 600.00 600.00 20,000.00 Totals $ 11800.00 $ 1,800.00 $ 40,000.00 Bonds retired in 1994 . . . . . . . . . . . . . $ 20,000.00 (11) DEFERRED COMPENSATION Total Due $ 22,400.00 21,200.00 $ 43,600.00 The City is custodian of an employee deferred compensation plan administered by PEBSCO. The plan was created in accordance with Internal Revenue Code Section 457. The plan, available to all employees, allows deferral of salary to future years. Participation in the plan is optional. The deferred compensation is not available to employees until termination, retirement, death or unforseeable emergency. All plan assets are (until paid or made available to the employees or other beneficiary) solely the property and rights of the City subject to the claims of the City's general creditors. Participants' rights under the plan are equal to the fair market value of the deferred account of each participant. The City has no liability for losses under the plan but does have the duty of due care that would be required of an ordinary prudent investor. The City believes that it is unlikely that it will use the assets of the plan to satisfy the claims of general creditors in the future. Investments are managed by the plan's trustee under several investment options made by the participant. At September 30, 1994, $15,996 was deposited with the plan. -28- CITY OF CHUBBUCK STATEMENT OF EXPENDITURES - BUDGET AND ACTUAL GENERAL FUND YEAR ENDED SEPTEMBER 30, 1994 The accompanying notes are an integral part of these statements. -29- Budget Actual Variance LEGISLATIVE: Salaries . . . . . . . . . . . . . . . $ 14,400 $ 14,400 $ 0 Purchased services . . . . . . . . . . 5,500 6,490 -990 19,900 20,890 -990 EXECUTIVE: Salaries . . . . . . . . . . . . . . . 9,600 9,600 0 Purchased services . . . . . . . . . . 1,500 2,058 -558 11,100 11,658 -558 FINANCIAL: Salaries . . . . . . . . . . . . . . . 3,708 4,218 -510 Supplies . . . . . . . . . . . . . . . 2,250 1,869 381 5,958 6,087 -129 LEGAL: Purchased services . . . . . . . . . . 27,700 32,125 -4,425 OTHER GENERAL GOVERNMENT: Personnel benefits . . . . . . . . . . 8,180 12,526 -4,346 Insurance . . . . . . . . . . . . . . 39,960 48,019 -8,059 Utilities . . . . . . . . . . . . . . 2,500 4,949 -2,449 Building maintenance , _ _ _ _ _ _ _ 22;306 19:332 2,974 Capital outlay . . . . . . . . . . . . 30,000 30,000 Miscellaneous . . . . . . . . . . . . 8,350 3,199 5,151 111,296 88,025 23,271 BUILDING INSPECTION: Salaries . . . . . . . . . . . . . . . 30,014 30,961 -947 Personnel benefits . . . . . . . . . . 10,632 10,834 -202 Supplies and other . . . . . . . . . . 3,650 1,680 1,970 44,296 43,475 821 ENGINEERING: Salaries . . . . . . . . . . . . . . . 6,366 9,288 -2,922 Supplies and other . . . . . . . . . . 4,400 5,800 -1,400 10,766 15,088 -4,322 The accompanying notes are an integral part of these statements. -29- CITY OF CHUBBUCK STATEMENT OF EXPENDITURES - BUDGET AND ACTUAL - CONTINUED GENERAL FUND YEAR ENDED SEPTEMBER 30, 1994 CONTINUED STREETS AND ROADS: Salaries . . . . . . . . . . . . . . . Personnel benefits . . . . . . . . . . Supplies. . . . . . . . . . . . . . . Purchased services . . . . . . . . . . LAW ENFORCEMENT: Salaries . . . . . . . . . . . . . . . Personnel benefits . . . . . . . . . . Supplies. . . . . . . . . . . . . . . Purchased services . . . . . . . . . . Capital outlay . . . . . . . . . . . . FIRE CONTROL: Salaries . . . . . . . . . . . . . . . Personnel benefits . . . . . . . . . . Supplies . . . . . . . . . . . . . . . Purchased services . . . . . . . . . . Capital outlay . . . . . . . . . . . . Debt service . . . . . . . . . . . . . PARKS AND RECREATION: Salaries. . . . . . . . . . . . . . . Personnel benefits . . . . . . . . . . Supplies and repairs . . . . . . . . . Purchased services . . . . . . . . . . Capital outlay . . . . . . . . . . . . Budget Actual Variance $ 128,212 $ 143,683 $ -15,471 41,986 40,732 1,254 125,817 135,240 -9,423 204,985 71,727 133,258 501,000 391,382 109,618 444,675 443,676 999 155,828 151,581 4,247 53,784 47,910 5,874 150,150 142,996 7,154 66,572 67,912 -1,340 871,009 854,075 16,934 131,410 123,547 7,863 44,975 40,887 4,088 52,436 52,963 -527 22,800 21,286 1,514 129,800 120,915 8,885 55,265 55,865 -600 436,686 415,463 21,223 42,331 52,669 -10,338 14,075 14,134 -59 55,440 62,478 -7,038 17,866 18,013 -147 8,273 5,211 3,062 137,985 152,505 -14,520 HEALTH AND WELFARE: Contributions . . . . . . . . . . . . 15,724 14,848 876 Total general fund . . . . . . . . $2,193,420 $2,045,621 $ 147,799 The accompanying notes are an integral part of these statements. -30- CITY OF CHUBBUCK COMBINING BALANCE SHEET SPECIAL REVENUE FUNDS SEPTEMBER 30, 1994 Road Dedication ASSETS: Cash. . . . . . . . . . . . . . . $ 0 Total assets . . . . . . . . . . $ 0 Juvenile LID 41 Referral Fund Fund $ 11,409 $ 1,069 $ 11,409 $ 1,069 LIABILITIES: Total liabilities $ 0 $ 0 $ 0 FUND EQUITY: Fund balance . . . . . . . . . . . . 0 Total fund equity . . . . . . . . 0 Total liabilities and fund equity . . . . . . . . . $ 0 11,409 1,069 11,409 1,069 $ 11,409 $ 1,069 The accompanying notes are an integral part of these statements. -31- Health Police Development Insurance Training Total $ 11,659 $ 417 $ 36,838 $ 61,392 $ 11,659 ----------- ----------- $ ----------- ----------- 417 $ ----------- ----------- 36,838 $ ------------ ------------- 61,392 $ 0 $ 0 $ 0 $ 0 11,659 417 36,838 61,392 11,659 417 36,838 61,392 $ 11,659 $ 417 $ 36,838 ----------- ----------- ----------- -32- $ 61,392 CITY OF CHUBBUCK COMBINING STATEMENT OF REVENUE AND EXPENDITURES AND CHANGES IN FUND BALANCE SPECIAL REVENUE FUNDS YEAR ENDED SEPTEMBER 30, 1994 REVENUE: Judgements . . . . . . . . . . . . Other . . . . . . . . . . . . . . Interest . . . . . . . . . . . . . Total revenue . . . . . . . . . EXPENDITURES: General government . . . . . . . . Total expenditures . . . . . . EXCESS REVENUE OR (EXPENDITURES). . . FUND BALANCE -- BEGINNING . . . . . . FUND BALANCE - ENDING . . . . . . . . Road Juvenile Dedication LID #1 Referral Fund Fund Fund $ 93 $ 65 $ 449 27 65 449 120 5,222 5,222 0 0 -5,157 449 120 5,157 10,960 949 $ 0 $ 11,409 $ 1,069 The accompanying notes are an integral part of these statements. -33- ENT Health Police Development Insurance Training Fund Fund Fund Total $ 8,695 $ 8,695 $ 11,659 11,752 $ 25 909 1,475 11,659 25 9,604 21,922 851 6,073 0 851 0 6,073 11,659 -826 9,604 15,849 0 1,243 27,234 45,543 $ 11,659 $ 417 $ 36,838 $ 61,392 --------------------------------------- -34- CITY OF CHUBBUCK COMBINING BALANCE SHEET CAPITAL PROJECT FUNDS SEPTEMBER 30, 1994 Road Capital Projects Parks Fire #2 Station ASSETS: Cash . . . . . . . . . . . . . . . $ 16,319 $ 48,367 $ 844 Total assets . . . . . . . . . . . $ 16,319 $ 48,367 $ 844 LIABILITIES: Total liabilities . . . . . . . . . $ O $ 0 $ 0 FUND EQUITY: Fund balance . . . . . . . . . . . . 16,319 48,367 844 Total fund equity . . . . . . . . . 16,319 48,367 844 Total liabilities and fund equity $ 16,319 $ 48,367 $ 844 The accompanying notes are an integral part of these statements. -35- Parks Dedicated Fund Total $ 52,506 $ 118,036 $ 52,506 $ 118,036 $ 0 $ 0 52,506 118,036 52,506 118,036 $ 52,506 $ 118,036 -36- CI'T'Y OF CHUBBUCK COMBINING STATEMENT OF REVENUE AND EXPENDITURES CAPITAL PROJECT FUNDS YEAR ENDED SEPTEMBER 30, 1994 The accompanying notes are an integral part of these statements. -37- Road Capital Parks Fire Projects #2 Station Fund Fund Fund REVENUE: Interest . . . . . . . . . . . . . . . . . $ 2,582 $ 1,243 $ 349 Donations . . . . . . . . . . . . . . . . 1,600 Total revenue . . . . . . . . . . . . . 2,582 2,843 349 EXPENDITURES: Capital outlay . . . . . . . . . . . . . . 17,252 Total expenditures . . . . . . . . . . 0 0 17,252 EXCESS REVENUE OR (EXPENDITURES). . . . . . . 2,582 2,843 -16,903 OTHER FINANCING SOURCES (USES): Transfers in . . . . . . . . . . . . . . . Transfers out . . . . . . . . . . . . . . -274,000 EXCESS (SOURCES/USES) . . . . . . . . . . . . -271,418 2,843 -16,903 FUND BALANCE - BEGINNING . . . . . . . . . . 287,737 45,524 17,747 FUND BALANCE - ENDING . . . . . . . . . . . . $ 16,319 $ 48,367 $ 844 The accompanying notes are an integral part of these statements. -37- Parks Dedicated Fund Total $ 230 $ 4,404 6,335 7,935 6.565 12,339 17,252 0 17,252 6,565 -4,913 40,000 40,000 -274,000 46,565 -238,913 5,941 356,949 $ 52,506 $ 118,036 ------------------------ -38- CITY OF CHUBBUCK COMBINING BALANCE SHEET ENTERPRISE FUNDS SEPTEMBER 30, 1994 ASSETS: Cash. . . . . . . . . . . . . . . . . . . Accounts receivable . . . . . . . . . . . Restricted Cash: Replacement funds . . . . . . . . . . . Bond and interest reserves . . . . . . Water meter deposits . . . . . . . . . Fixed assets . . . . . . . . . . . . . . . Accumulated depreciation . . . . . . . Total assets . . . . . . . . . . . . . LIABILITIES: Accounts payable . . . . . . . . . . . . . Deposits payable . . . . . . . . . . . . . Payable from Restricted Assets: Bonds payable - current . . . . . . . . Accrued bond interest payable . Bonds payable - long term . . . . . . . . Total liabilities . . . . . . . . . . . FUND EQUITY: Retained earnings . . . . . . . . . . . . Contributed capital . . . . . . . . . . . Accumulated depreciation . . . . . . . . . Reserve for debt service . . . . . . . . . Reserve for replacement fund . . . . . . . Total fund equity . . . . . . . . . . . Total liabilities and fund equity . . . Depreciation Utilities Reserve Fund Fund $ 491,726 210,547 $ 448,349 293,595 65,750 3,785,075 -2,019,510 $ 2,827,183 $ 448,349 $ 25,475 65,750 40,000 22,500 750,000 903,725 $ 1,068,696 942,038 -380,871 293,595 I 448.349 1,923,458 448,349 $ 2,827,183 $ 448,349 The accompanying notes are an integral part of these statements. -39- Sewer Repairs and Replacement Fund Total $ 491,726 210,547 $ 133,860 582,209 293,595 65,750 3,785,075 -2,019,510 $ 133,860 $ 3,409,392 -------------- ----------- $ 25,475 65,750 40,000 22,500 750,000 $ 0 903,725 1,068,696 942,038 -380,871 293,595 133,860 582,209 133,860 2,505,667 $ 133,860 $ 3,409,392 -40- CITY OF CHUBBUCK COMBINING STATEMENT OF REVENUE, EXPENSES, AND CHANGES IN RETAINED EARNINGS AND RESERVES ENTERPRISE FUNDS YEAR ENDED SEPTEMBER 30, 1994 Depreciation The accompanying notes are an integral part of these statements. -41- Utilities Reserve Fund Fund OPERATING REVENUE: Service Charges: Sanitation . . . . . . . . . . . . . . $ 495,200 Water . . . . . . . . . . . . . . . . . 559,448 Sewer . . . . . . . . . . . . . . . . . 614,275 Total operating revenue . . . . . . 1,668,923 $ 0 OPERATING EXPENSES: Personnel . . . . . . . . . . . . . . . . 381,628 Personnel benefits . . . . . . . . . . . . 139,877 Supplies . . . . . . . . . . . . . . . . . 61,347 Purchased services . . . . . . . . . . . . 740,900 Interfund expenses . . . . . . . . . . . . 7,566 Depreciation . . . . . . . . . . . . . . . 112,972 Total operating expenses . . . . . . . 1,444,290 0 OPERATING INCOME . . . . . . . . . . . . . . 224,633 0 NONOPERATING REVENUE (EXPENSES): Interest income . . . . . . . . . . . . . 21,132 15,726 Interest expense . . . . . . . . . . . . . -48,255 Total nonoperating revenue (expenses) . -27,123 15,726 NET INCOME . . . . . . . . . . . . . . . . . 197,510 15,726 OTHER FINANCING SOURCES (USES): Sale of equipment . . . . . . . . . . . . 17,766 Transfers to other funds . . . . . . . . . RETAINED EARNINGS - RESERVES: Balance - Beginning . . . . . . . . . . . 1,147,014 432,623 RETAINED EARNINGS - RESERVES: Balance - Ending . . . . . . . . . . . . . $ 1,362,290 $ 448,349 The accompanying notes are an integral part of these statements. -41- Sewer Repairs and Replacement Fund Total $ 495,200 559,448 614,275 $ 0 1,668,923 381,628 139,877 61,347 740,900 7,566 112,972 0 1,444,290 0 224,633 4,841 41,699 -48,255 4,841 -6,556 4,841 218,077 17,766 0 129,019 1,708,656 $ 133,860 $ 1,944,499 -42- CITY OF CHUSBUCK TEN YEAR SUMMARY OF TAX LEVIES SEPTEMBER 30, 1994 Year of Levy 1) Value Lev 1984 $ 119,520,105 .004051 1985 121,985,145 .004322 1986 124,887,711 .004769 1987 125,907,871 .005013 1988 125,858,250 .005089 1989 125,917,949 .005295 1990 124,789,912 .006040 1991 127,017,877 .006231 1992 128,308,276 .006879 1993 131,805,956 .006844456 Tax 484,489 528,969 599,487 633,689 640,493 688,999 767,051 795,941 891,999 954,405 1) Levies are certified in October of the year shown. 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